President Biden introduced his $2.3 trillion infrastructure plan Wednesday.
"It's not a plan that tinkers around the edges. It's a once-in-a-generation investment in America," he said. "It's the largest American jobs investment since World War II. It's big, yes. It's bold, yes. And we can get it done."
The president unveiled the American jobs plan in Pittsburgh yesterday. The U.S. would spend more than $2 trillion over eight years to invest in four areas.
$671 billion is dedicated to transportation infrastructure including roads, bridges and public transit. $311 billion for infrastructure that impacts how we live at home, including access to clean water and broadband, and updating the power grid. The bulk of the money would fund care infrastructure, which means building affordable housing and modernizing schools, child care facilities, VA hospitals and federal buildings. It also includes expanding home and community care access for the elderly and people with disabilities. The plan would also invest $580 billion in research and development, the supply chain, small businesses and workforce development.
"If we act now, in 50 years people are going to look back and say this was the moment that America won the future," he said. "Failing to add these investments, adds to our debt and effectively puts our children at a disadvantage relative, our competitors. That's what crumbling infrastructure does. And our infrastructure is crumbling. It ranked 13th in the world."
The administration wants Congress to pass its tax plan, which it says will pay for the $2 trillion investment within 15 years. The president says investing in the "crumbling infrastructure" will lower the deficit for years to come. The plan would raise the corporate tax rate from 21% to 28% and increase the global minimum tax for multinational corporations that move jobs overseas.
The "Made in America" tax plan will also close corporate tax loopholes and strengthen enforcement of the tax law by increasing audits.